The prices of art are a nebulous issue, and this is clearly an incredible sum, but we are dealing with a masterwork of the highest order by one of the greatest artists of the Western tradition. In other words: if a drawing had to fetch this price, it could be a worse one. As I wrote in September, this drawing, preparatory for one of his greatest and most iconic works, the late Transfiguration (finished 1520), shows the master at his peak for this type of highly rendered study. To me is clearly of higher quality than the Head of a Muse sold in 2009.

There’s plenty of speculation online as to who bought it, with the famous Russian billionaire Roman Abramovich apparently being the main candidate. That Raphael should join Fernando Torres in Abramovich’s trophy room I find a little sad, especially considering that the drawing was previously available to the public at Chatsworth where it was part of the Devonshire collection. This is to great a treasure to have disappear from public view, but one can at least hope that whoever acquired it will be generous toward loan requests.

I can only kick myself for not having been able to get down and see it when it was on display in the Late Raphael show in the Prado this summer. I saw the exhibition in its current incarnation at the Louvre the week before last, and there they had unfortunately not been able to retain the section devoted to the Transfiguration. It is still a fantastic show however, that I urge you to go and see.